Newmont's Ahafo North Gold Pour: A Launchpad for Long-Term Growth?

Newmont Corporation NEM recently achieved a significant milestone at one of its key growth projects, Ahafo North in Ghana. It recorded the first gold pour at Ahafo North, marking a significant step toward commercial production planned in the fourth quarter of 2025.

The achievement, reflecting years of planning, engineering and construction, follows completion of crucial developmental phases, including ore stockpiling, commissioning of processing circuits, mining support infrastructure, and a tailings storage facility to make it ready for full-fledged operations. The execution was also facilitated by Newmont’s strong world-class portfolio. 

Ahafo North, situated at Afrisipakrom, around 30 kilometers from Newmont’s Ahafo South site, is built on leases acquired from Normandy Mining in 2002. It is expected to produce between 275,000 and 325,000 ounces of gold annually over an estimated mine life of 13 years. The project has provided about 4,500 contracted jobs and is further expected to create 560 permanent and 1,000 contracted roles, contributing to Ghana’s economy through royalties, taxes, fees and development initiatives.

Ahafo North represents Newmont’s third investment in Ghana and second operational site in the country following the company’s divestment of the Akyem mine in April 2025. Being considered the best unmined gold deposit in the region, it reaffirms long-term growth and value creation for Newmont.

Looking across the competitive landscape, Barrick Mining Corporation B also remains on track with its slate of high-return growth projects. Barrick’s major gold and copper growth projects, including Goldrush, the Pueblo Viejo plant expansion and mine life extension, Fourmile, Lumwana Super Pit and Reko Diq, are being executed. These projects are advancing on schedule and within budget, laying the groundwork for the next generation of profitable production for Barrick. 

Agnico Eagle Mines Limited AEM is also executing its growth projects that are expected to provide additional growth in production and cash flows. Agnico Eagle is making steady progress with its key value drivers and pipeline projects, including the Odyssey project in the Canadian Malartic Complex, Detour Lake, Hope Bay, Upper Beaver and San Nicolas. Agnico Eagle’s robust liquidity position and cash flows allow it to maintain a strong exploration budget and fund a strong pipeline of growth projects.

The Zacks Rundown for NEM

Shares of Newmont have shot up 128.9% year to date compared to the Zacks Mining – Gold industry’s rise of 124.3%, largely driven by the gold price rally.

From a valuation standpoint, NEM is currently trading at a forward 12-month earnings multiple of 15.20, a roughly 9.3% discount to the industry average of 16.77X. It carries a Value Score of A.

The Zacks Consensus Estimate for NEM’s 2025 and 2026 earnings implies a year-over-year rise of 56.3% and 3.1%, respectively. The EPS estimates for 2025 and 2026 have been trending higher over the past 60 days.

NEM stock currently carries a Zacks Rank #3 (Hold). 

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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